Up until gold's recent plunge, there was a major story that had captured the attention of everyone investing in gold.
That story was the massive purchases over the past year or so of the precious metal by many of the world's central banks.
According to the World Gold Council, the world's central banks have been net purchasers of gold since the second quarter of 2009. Since the financial crisis central banks, particularly in emerging economies have sought to diversify away from the U.S. dollar to a safer long-term asset.
In 2012, central bank purchases hit a 48-year high. Central banks bought 534.6 metric tons of gold (about 15 million ounces) last year. This was 17% more than in 2011 and the most purchased since 1964. The biggest buyers were the BRIC countries of Russia and Brazil.
With the recent turmoil in the gold market, investors worried that these central banks would turn away from gold.